Akastor ASA: MHWirth investing in Electrical Subsea & Drilling

MHWirth becomes an owner and establishes a market and technology partnership with the Norwegian technology company Electrical Subsea & Drilling

Electrical Subsea & Drilling (ESD) is working on the development and qualification of two drilling technologies; all electric control of Blow Out Preventers (BOP) and a durable Rotating Control Device (RCD) for Managed Pressure Drilling (MPD). MHWirth has over the last years developed new well barrier technology for BOP. This technology has now been transferred to ESD for the consideration of 20% of the shares in ESD.

"MHWirth's market apparatus and technical solutions combined with our control system and actuator technology represent a quantum leap for realizing our business ideas", says CEO John Dale in ESD. "Today's BOP technology is based on hydraulics, with disadvantages such as huge weight, high complexity with many sources of error, as well as challenges with regards to the external environment during operation and testing", continues Dale.

"Electro-mechanical operation of well-barrier functions and connectors for BOP is a revolutionary concept in the drilling industry and fits with today's focus on safety and reliability, digitalization, providing continuous Condition Based Monitoring and preventive maintenance", says Finn Amund Norbye, CEO in MHWirth.

ESD's drilling technology has been very well received by potential clients and authorities throughout the world.

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Media Contact:

Akastor ASA

Leif Borge, Chief Financial Officer

+47 917 86 291

leif.borge@akastor.com

Electrical Subsea & Drilling AS

John Dale, CEO

+47 481 45 280

john.dale@esdrilling.no